MINDS, Community Owned Social Media — Will Steemians Ever Own Steemit Inc.? Is It Up To Us?
This story was originally published on Steemit, the cryptocurrency-fueled social media platform. Why use Facebook & Twitter when their primary objective is monetizing on your attention? Enjoy!
Hello Fellow Steemians!
There has been a lot of talk in the Steemit community about a potential pump and dump of STEEM sometime over the last week, which ultimately inspired me to write this post. I left Wells Fargo 1-year a go because I was being forced to take advantage of my customers as a banker and was fed up. My goal was to do everything in my power to get the US equity crowdfunding industry off the ground considering new SEC regulations allow non-accredited investors (the 99%) to gain access to investing in startups and private businesses who need capital the most. At the same time, these new regs allow businesses to solicit their investment offering to these non-accredited investors who were considered to have too low a level of sophistication to participate. With 29.6 million small businesses making up 99.9% of businesses in the US, what is the disconnect? After studying finance and business for years, I had never heard this phrase until recently:
“Finance is a language developed to fool the average person.”
It makes sense, doesn’t it? Numbers, in general, can be confusing. Throw in a bunch of technical jargon alongside and you can sound like a genius to the average person. It’s not alright to take advantage of the primary resource we all need to survive — in this manufactured ecosystem we’ve literally created as our society. If we created an ecosystem with too many inequalities, why can we not re-create one that has very few inequalities? Seems to be a major theme in the world of cryptocurrencies… so why hasn’t Steemit asked us if this is something we would like?
MINDS and The US Equity Crowdfunding Regulations
There are 2 major regulatory changes that ultimately allowed non-accredited investors to participate:
- Regulation Crowdfunding (Reg CF) — allows a business to raise up to $1.07 million from and solicit/advertise the offering to non-accredited investors.
- Regulation A+ — allows a business to raise up to $50 million in as 12- month period and solicit to the public.
My focus is on Reg CF because it’s been tracked better and is in a range that a majority of businesses could benefit from. After 1-year, there have only been 80ish companies that have successfully raised their target goal via Reg CF…which totals $35.1m from 41,704 investments.
MINDS launched their Reg CF equity crowdfunding campaign on WeFunder on May 9th and received over $500,000 committed from 500+ investors by the same time on May 10th. In the ICO world, $500k in 24-hours is okay, but nothing spectacular. In the US equity crowdfunding space, $500k in 24-hours is unheard of. Which has really drove me to participate a lot more in the cryptocurrency space. It’s also interesting that Steemians have been posting about Steemit Inc. possible dumping a lot of STEEM at the high price point causing some of us to think foul play was involved.
MINDS Does Not YET Have a Cryptocurrency Launched
Is this a benefit to MINDS? Through my research, I’ve found it to be a lot easier to create a new system from scratch than to go in and retrofit the old. MINDS already has the infrastructure set up to support their own cryptocurrency — wallet too; but, they have yet to launch one. They do have a point system in which users can purchase 10,000 points for $10, 1 point = 1 view, and the user can boost their posts to get X number of views on posts. Another cool feature, users can monetize their own channel by allowing others to advertise on it. The way it’s set up is cool because you can essentially send influencers a request to share your post with their following. Instead of paying Facebook or Twitter an arm and a leg, the user can pay other influencers to drive exposure, creating a symbiotic community. Below are a few screenshots to scope out before the article continues:
Crypto Wallet — Presently Only Points.
Become a Boost Pro — Page For Boost Requests
The platform has a lot of work to do if they truly want to destroy the major platforms, but we can help. MINDS has made it very clear they are against these major platforms and is on a mission to take them down. Considering they already have a point system up, I’m assuming they will soon initiate an ICO to support the platform. The Reg CF raise will likely become the marketing and ICO registration budget — just my guess. My guess is that they do something very similar to what Steemit is doing — an internal and external point system. Steemit gives them a great example analyze and pick apart when developing their own cryptocurrency system. Below are a few questions to inspire some creative responses from our Steemit Community and anyone else interested in cointributing (lolz):
- Has anyone else seen cryptocurrency-driven social media platform models?
- will anybody consider using using both of these platforms to replace Twitter and Facebook?
- Or at least start migrating your following to?
- Will Steemit Inc. ever give users the opportunity to own the platform in order to thwart potential or seemingly fraudulent claims from the community?
- Will cryptocurrency-driven social media platforms develop and come together similar to the giants have? Ex, Facebook purchasing Instagram — Twitter purchasing Periscope.
- Or will these platforms come together in a different way that is more symbiotic than mergers and acquisitions?
- Can you include a comment about something I might be missing or something else you see that can come of the crypto-driven social media platforms?
Thank you for taking a look at this article! Hope it stirred your brain a bit or tweaked your perspective on social media at least. This is an exciting time to be alive and I would love to continue building this community together! All support is welcome and feel free to try out the MINDS platform and please follow if you do — my page is here! Carpe diem and let’s keep this dialogue going fellow Steemians and followers!
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